General Motors aims to see its Daewoo Motor unit increase its Korean market share to 26%, a top GM executive has said, according to a report in The Korean Herald.
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Allan Perriton, president of GM Korea, reportedly said that GM is not planning to pump additional investment into Daewoo, expressing hopes that Daewoo will be required to independently raise any necessary funding.
The initial target for GM-controlled Daewoo is to regain its peak market share of 26%, which was recorded in 1997, compared with its current share of less than 10%, he said.
He told the newspaper that ‘it may take about two years’ to turn Daewoo Motor around and normalise the ailing automaker, adding that recovery of market share will likely take ‘far longer’. He also forecast that Daewoo Motor’s annual sales volume this year will fall below 900,000 units.
